Tag: taxes

The IRS has confirmed it will start processing 2025 tax filings and refunds from January 26th, 2026. Other important tax deadlines and dates are shown in the chart below. Although the IRS will not start accepting and processing tax returns until late January, people don't need to wait until then…

Many tax filers claiming the Child Tax Credit (CTC) this year are surprised to see their refund payment much lower than expected. This is mainly due to the widely claimed tax credit resetting from a pandemic boosted maximum of $3,600 to $2,000 per child in 2022 and 2023. Another reason is that they are not…

It's tax season and social media is abuzz with tax related information. This includes news related to refund payments, which millions of Americans are anxiously waiting to get. Unfortunately this also creates an environment of false information (fake news!), deceitful ideas, and outright scams around refund payments and getting them…

It’s always a good habit to do some tax-loss harvesting (TLH) before year end, especially in years when the stock market is down significantly. This is primarily because you can use investment (capital) losses to offset any capital gains of similar assets; and also use the $3,000 income offset provision…

The 10-second review TurboTax is widely considered the leading choice for those who prefer to prepare and file their own taxes. Its intuitive design and top-notch user interface coupled with various options for importing tax documents and "live" human support make it a popular choice for many. However, it is…

This article provides updates on the Cost-of-Living Adjustment (COLA) over the last few years and predictions for the coming year. You can see more on the final 2025 COLA (2.5%) below. COLA is particularly significant for over 71 million Americans, especially retirees, as it directly affects their Social Security and…

With millions of Americans tax filers anxiously waiting for their refund, which can be the largest single payment of the year for many, it is not uncommon to hear frustration with the various IRS systems designed to provide the latest updates on tax processing and refund payments. The official Where…

Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, vendor payments or other income is insufficient. Estimated taxes are generally paid by small business', self-employed or gig workers with variable sources…

There has been a lot of debate over the last few months on if another stimulus check payment will be made in 2022 or even in 2023 as the economy worsens and inflation takes a heavy toll on household budgets. You can see this article for a more detailed discussion, funding for…

House and Senate Republican (GOP) lawmakers have passed a reconciled/final bill for President Trumps Tax Reform measures under the Tax Cuts and Jobs Act. These proposals are aimed at building on Trump’s promises to streamline the US personal and corporate tax code. The plans promise tax savings of nearly $1,500…

[Updated with latest Roth IRA limits] The latest income phase out ranges for the deductibility of Roth IRA contributions are shown in the table below. Contribution limits have marginally increased over the last few years while income threshold limits to get a contribution tax deduction have been adjusted in line…

"Can I Contribute to an IRA, Roth IRA and a 401K if I have access to all these accounts? What are the limits and rules of doing so?" This is the kind of question I get fairly often and one that I actually had to recently sort out for myself. To determine…

Thanks to the accounting folks at BConnect Inc, here is a straight forward tax preparation checklist that will save you time when you file with your accountant or before you start using tax software for self-filing. Tax preparation is faster, easier and more stress-free if you take a little time…